Included in the above Consultation Conclusions on QPAs, the Stock Exchange also took the opportunity to revise the treatment of joint ventures formed for a single purpose project of a revenue nature in the ordinary course of business. Under the revised Listing Rules, which will come into effect on 1 February 2011, the formation of such joint ventures will not be treated as a transaction for the purposes of the notifiable transaction regime. To qualify for the exemption, the joint venture arrangement must be on an arm's length basis on normal commercial terms and must contain clauses requiring that the nature or business scope of the joint venture may not be altered, nor may the joint venture enter into non-arm's length transactions without the unanimous consent of the joint venture partners.